Category: Mutual Fund Commentary

HILIX – Q2 2018 Commentary

The Hartford International Value Fund underperformed its benchmark during the quarter but has returned slightly higher over the past year. The team continues to invest in companies with low relative price and low broad market expectations that feature strong balance sheets and significant upside potential. The strategy’s deep value focus has been a relative headwind as value has underperformed growth during the year.

Continue reading “Hartford International Value – Q2 2018 Commentary”

TIREX – Q2 2018 Commentary

The TIAA-CREF Real Estate Securities Fund lagged its benchmark during the quarter but has greatly outperformed YTD. REITs bounced back in a major way during the quarter with all sectors posting positive returns. The team continues to invest in quality companies with long term growth opportunities and higher credit ratings.

Continue reading “TIAA-CREF Real Estate – Q2 2018 Commentary”

TCPNX – Q 2018 Commentary

The Touchstone Impact Bond Fund performed in line with the Agg during the quarter and is slightly ahead YTD. The team continues to be conservative, remaining duration neutral and limiting its credit bets. The fund seeks to maximize yield while minimizing risks, with capital appreciation as a secondary goal.

Continue reading “Touchstone Impact Bond Fund – Q 2018 Commentary”

WATFX – Q2 2018 Commentary

The Western Asset Total Return Bond Fund slightly underperformed the Agg during the quarter but remains ahead year to date. The team does not predict any sudden spike in interest rates or inflation, but they believe that the synchronized global growth from the beginning of the year has tempered. Western Asset maintains a diversified portfolio that is positioned to perform well in a variety of market environments.

Continue reading “Western Asset Total Return – Q2 2018 Commentary”

MWTIX – Q2 2018 Market Commentary

The MetWest Total Return Bond Fund outpaced the Agg in the second quarter as the index sold off just slightly. The team is optomistic about the current state of fixed income markets but notes a few cautionary risks that may be ahead. They continue to find value in high quality investments in well collateralized areas of the market.

Continue reading “MetWest Total Return – Q2 2018 Commentary”

LISIX – Q2 2018 Commentary

Lazard International Strategic Equity performed in line with the MSCI EAFE Index during the second quarter and has outpaced the benchmark by approximately 300 bps YTD. Flat performance for the asset class was driven by geopolitical concerns in Europe and fears of protectionist policies from the United States. The portfolio team remains confident that, by continuing to focus on stock selection of companies with sustainably high or improving returns, the strong long term track record of the strategy can continue.

Continue reading “Lazard International Strategic Equity – Q2 2018 Commentary”

BEXIX – Q2 2018 Commentary

Baron Emerging Markets fell 9.35% during the quarter, underperforming the broader EM index. Relative underperformance was driven largely by a single position in a Malaysian e-service provider. The selloff within EM has been caused by a withdrawal of liquidity driven by cheap US dollar funding as well as increased rhetoric around protectionist measures coming out of the U.S. The Baron team believes that many major EM countries have undergone a positive and supportive evolution of political direction recently, and their differentiated stock selection process should be able to take advantage of recent increased volatility.

Continue reading “Baron Emerging Market Commentary – Q2 2018”

Good Morning,

I want to make everybody aware that, as of July 20th, the official name for Touchstone Total Return Bond (TCPNX) has changed to Touchstone Impact Bond Fund.

The team has integrated ESG criteria into its process since the inception of the fund and the goal of the name change is to highlight that element of the strategy.

The only thing that will change is the name. The ticker, CUSIP, and most importantly, process will remain the same moving forward.

If anybody has specific questions about the change please let me know.

Thank You,

Pete

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com

PLEASE NOTE!

We moved! Please note our new location above!

Touchstone Total Return Name Change.pdf

Good Morning,

Attached is a piece that discusses changes made to the Portfolio Manager team on the Harding Loevner Emerging Markets Fund.

Continue reading “HLMEX – Portfolio Manager Changes”

TORIX – Q1 2018 Commentary

During the quarter, Tortoise MLP & Pipeline Fund underperformed its benchmark. The MLP and broad energy sectors sold off during the quarter due to negative sentiment as well as uncertainty following a FERC ruling. The team remains optimistic about the space believing that commodity prices will remain stable and that companies are better positioned to self-fund capital projects. As of the end of last month, the TTM yield of TORIX is 3.09%.

Continue reading “TORIX – Q1 2018 Commentary”